Retiring in Panama: The Visa and its Benefits

Panama offers fantastic retirement benefits. The reputable magazine “International Living” publishes a yearly ranking of “Best countries to retire worldwide”. Panama ranked # 1 as BEST COUNTRY TO RETIRE in 2014 and 2016 and has consistently ranked as a top-5 country over the last 10 years. It is a ‘pensionados’ dream!!

The Retirement Visa

Applicants with a lifetime pension (it must be for life and for a minimum of 1000$ per month) will be able to apply for a retirement permanent visa which is also called the Panama Pensionado visa.

If you have a lifetime pension of at least 750 $ and a maximum of 1000 $ you may also qualify but only if you purchase real estate in Panama with a minimum value of 100000 $.

If you are a married couple your combined pension must be at least 1000 $, again with the exception of the real estate purchasing option as described above.

Please note that dependents permanent residency visas are temporary until 25 years of age. A dependent child older than 18, which is not attending college in Panama, can not use the retirement visa of its parents unless the child is severely handicapped.

Please also note that the minimum pension requirement of 1000 $ will be increased by 250$ for each dependent child unless the dependant child provides proof of income of at least 250 $ per month.

What benefits do you get as a retiree in Panama?

  • Health care at reduced prices, extremely cheap compared to the United States, where medical costs have become almost unaffordable. 15% off hospital bills (if no insurance applies), 10% off prescription medicine, 20% off medical consultations, and 15% off dental and eye examinations
  • 50% reduction on tickets for entertainment such as concerts, sports events, movies and theater anywhere in the country
  • 30% off transportation fares, for trains, buses, and boats
  • 25% off airline tickets on domestic flights (some airlines also offer reduced fares on international flights)
  • 50% reduction on hotel accommodation during the week (Monday to Thursday) and 30% off on Friday to Sunday
  • 25% off on dinners at restaurants and 15% off at fast food restaurants
  • no import fees on imported household goods up to 10000 $
  • Duty-free importation of foreign cars (this saves a LOT of money)
  • 15% interest rates reductions on loans for consumptive credit
  • 1 % less on home mortgages used for a personal residence, as well as a 25% discount on utility bills and 50% cost reductions on the costs of closing your home
  • 20% off technical and professional services

If you would like to improve or maintain your lifestyle, consider retiring in Panama!

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